Accessorize your dwelling with an ADU unit

Posted by at 2:56 pm

As home prices continue to  rise, many folks are left wondering how they can afford a piece of the American dream. Some have broached the idea of sharing, but co-ownership – even among family – is a little too cozy for most. The tenancy approach is probably the easiest. That’s why many buyers today are looking for homes with potential to add “accessory dwelling units,” or ADUs. ADU residences can be build-ons, re-purposed space or even a separate, free-standing unit. The main draw is practicality. ADUs provide a sense of autonomy for the renter at a lower cost, and can provide the homeowners with help paying their mortgage. The majority (62 percent) of U.S. households are made up of one or two people, while most new and existing homes are designed to accommodate three or four. Legacy housing stock is...
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June 12th, 2018

Social media: Real estate’s elusive missing link

Posted by at 11:39 am

The future of housing always rests with the younger generations, and in 2018, that means it’s in the hands of Millennials – literally. Like all of today’s successful businesses, you have to enable prospects and clients to access all the information they need from their mobile devices. The power of social media is real estate’s elusive missing link. If you want to get the attention of Millennials, you’ll need to harness its power. For many, social media has devolved into a forum to post links in hopes thousands will  share them with their followers. That’s the easy way out, but it won’t set you apart from the competition. Social media channels have underscored that by updating content-ranking policies. Facebook’s algorithm now penalizes link-based content, and Instagram has made link-sharing all-but-impossible. So what’s your social media alternative? Step one: Put yourself...
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Shopping heats up for summer home season

Posted by at 12:42 pm

Just when you thought the housing market couldn’t get any hotter, it’s a buying frenzy as the summer season begins. Most buyers are beset with confidence in the job market, and many also carry the ticking biological desire to start families. Even with all the talk about rising prices, rising interest rates and reduced tax benefits in 2018, demand is not cooling. If anything, it appears the potential homebuyer is just becoming more rugged and resilient! According to a March survey, 40 percent of home shoppers have been looking for seven months or more, while 34 percent have been searching for four to six months. The numbers show that there is only enough inventory on the market to last 3.4 months. In a statement, Lawrence Yun, chief economist for the National Association of Realtors, reported: “supply is woefully low, and...
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Home water wells for more liquidity

Posted by at 3:10 pm

Well, well, well. Drilling a home water well could give you more liquidity – in your pocketbook. Cost to install a well depends on many factors, including where you live, but in most regions, it runs less than $5,000. After initial installation, any water you pump from the ground is free! Many urban homeowners use wells exclusively for outdoor watering, and in areas with shortages – and consequent bans on non-essential watering – a ready supply of well water can do wonders for lawn-lovers and gardening gastronomes. Water wells can also be used for drinking water, but these should be separated from any septic system by at least 100 feet. The well should be located on a level surface or uphill so that contaminants do not accumulate. If you plan to drink the water, you need to have it periodically...
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Artificial Intelligence and Real Estate Roles

Posted by at 3:14 pm

Some real estate agents may avoid technology out of concern it could lead to their eventual demise. There’s no need to fear the future. Computers don’t have much in the way of personality, but are amazing at crunching numbers. Their efficiency is undeniable. Home shoppers don’t have a lot of time, and appreciate a real estate agent who is plugged in, allowing them to peruse neighborhoods in their precious spare time. That’s why web designers and Search Engine Optimization (SEO) experts have an increasing role in real estate. All the technology has some firms dropping office space altogether and going “virtual.” Computer analyzed data saves a lot of time in marketing, too. A well-maintained database can quickly find everyone within a specific area who has the basic means and motivation to buy a listed home by reviewing recent purchases and...
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Tax Refunds Can Help Bring You Home

Posted by at 12:34 pm

Are you one of the many millions receiving a refund on your 2017 tax return? Like many Americans, you may be tempted to use the refund on a mini spending spree. Easy to understand – who doesn’t like a new wardrobe, fancy dinners, or the latest electronics upgrade? But if you’re thinking about buying that first home, resist that urge to splurge! Here’s a few ways to use that small spring windfall to unleash a torrent of future wealth through home ownership: Build down-payment savings: Whether it’s a few hundred or several thousand dollars, think about depositing your refund into a down-payment savings account. The more you can put toward that initial payment, the less you have to borrow, and the lower your monthly payments. Tax refunds are relatively small for most people, so saving two or three years’ worth...
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Interactive sites help Millennials make moves

Posted by at 2:34 pm

Trying to appeal to the potential homebuyer in today’s Millennial? Better promise them more than great customer service – they prefer solutions over promises. During their initial home search, chances are they won’t return your call or call a customer service department. As with every problem or need, they’ll first turn to Google. Millennials feel better about your business when you make it easy to do things online, by themselves, on their schedule. Millennial home shoppers are not only tech-savvy, they’re tech-bred. They use mobile devices for everything – from planning vacations to researching stocks to checking the Twitter status of celebs. It’s not a stretch to say these folks probably couldn’t conduct home buying or other personal financial management without the aid of a digital device, even if they wanted to. Already the largest and fastest-growing cohort among home-buyers, they’ll soon be claiming complete...
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Concentrate on the Positives

Posted by at 8:51 am

As America heads into the big spring selling season, all signs point to a robust housing market in 2018. Demand is high and homebuilders are upbeat. The National Association of Home Builders (NAHB) confidence gauge is at its highest level in 18 years. Record numbers of home shoppers are packing sales centers and open houses. The pace of annual construction spending soared to a record $1.257 trillion in November, and starts of single-family homes and building applications are the strongest in a decade. But will vigorous construction be enough to offset exceptionally weak inventory? With new and existing home sales skyrocketing, the national inventory is pegged at just 3.4 months, the shortest timeframe since 1999, and far short of the 6-month supply considered necessary for a healthy housing balance. Home builders say they’ll concentrate more on affordable housing in 2018, but...
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Homeownership’s value overrides divisiveness

Posted by at 1:06 pm

With some pretty big issues on the table for Congress in 2018, America may seem more politically divided than ever these days. But one shared value stretches across the nation—homeownership. There may be difference of opinion on things like healthcare, immigration and tax reform, but a strong majority of Americans agree home ownership is a financially sound decision –  an instrument for gaining long-term wealth while raising a family and making ties within the community. According to real estate website Zillow, 68.7 percent of Republicans and 65.1 percent of Democrats see homeownership as a crucial part of living the American Dream. Homeownership builds equity over time, providing financial security for families and individuals. With stable monthly payments, it’s easier for cash-conscious consumers to plan and budget. Potential tax savings can also offset homeownership costs. But the real “value” comes in...
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Seniors no longer a niche market

Posted by at 1:17 pm

Fueled by the baby-boomer generation, the population of Americans 65 and older is growing exponentially, and will become a major part of the housing and mortgage industries over the next several decades. According to the latest report from the Harvard Joint Center for Housing Studies, one out of three U.S. households in 2035 will be headed by someone over 65. That’s an estimated 79 million people! Real estate agents and mortgage lenders who plan sales strategies with an eye on the aging will doubtlessly see more success. One unexpected backlash of the exodus to the suburbs over the last 40 years is the growing number of retirees realizing their neighborhoods no longer fit their needs. In a recent survey from Freddie Mac, seniors said they need major renovations in order to stay in their current homes as they age –...
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